4 CONTENT 1. LETTER TO THE SHAREHOLDERS 2 2. REPORT BY THE SUPERVISORY BOARD 6 3. CTS EVENTIM SHARES CORPORATE GOVERNANCE REPORT OF CTS EVENTIM AG & Co. KGaA COMBINED MANAGEMENT REPORT Change in legal form Preliminary statements Business and macroenvironment Corporate structure and business operations Corporate management and organisational structure Research and development Overview of the course of business Earnings performance, financial position and cash flow Earnings performance Financial position Cash flow General assessment of the Group s business situation Appropriation of earnings by CTS KGaA Dependencies report for CTS KGaA Events after the balance sheet date Risk and Opportunities report Structure and Operation of the Risk and Opportunities Management System Major Risk Categories Opportunities Assessment of the Group s opportunities and risk exposure Internal Accounting Control System Disclosures Pursuant to 289 (4) and 315 (4) HGB Corporate governance declaration Report on expected future development Future macroeconomic environment Expected earnings performance Expected cash flow General assessment of the Group s prospective development 78 Content

6 1. LETTER TO THE SHAREHOLDERS Klaus-Peter Schulenberg Chief Executive Officer Ladies and Gentlemen, we added an additional chapter to the CTS EVENTIM success story in the 2014 financial year. We increased the Group s revenue and earnings significantly year-on-year and continued to expand our leadership in the European market, despite the difficult economic situation in some countries. Our growth strategy is not limited just to our established markets. Thanks to strategic acquisitions in new markets, we were able to strengthen our position once again in Our innovative business model, with the complementary Ticketing and Live Entertainment segments, forms the foundation of the sustainable growth of CTS EVENTIM. We continue to record major sales increases in the highly profitable online ticketing business in particular. Our ticketing system, which is one of the world s most advanced, is the basis of this success. We are constantly developing new apps and online services based on this leading IT platform. REPEATED RISE IN GROUP REVENUE AND EARNINGS The business model of CTS EVENTIM proved once more to be sustainable, crisis-resistant and profitable, as the revenue and EBITDA growth rates of +9,9% to EUR 690 Mio. and +15,5% to EUR 155 Mio. respectively demonstrate. Our stable financial foundation allows us to consistently advance our ticket distribution platform and expand our market share in Germany and abroad through strategic takeovers. The company s continued success also benefits shareholders in the form of sustained growth in share value and regular dividend distributions. ONLINE TICKETING PAYS OFF In the past financial year, we increased the number of tickets sold online to 30.7 million (+28.9%) in established and new markets. A total of well over 100 million tickets are sold annually via the EVENTIM systems. Online ticketing has become the most important sales channel alongside the tickets sold through around 20,000 box offices throughout Europe. Since value added in internet sales is significantly higher than in box office sales, CTS EVENTIM plans to sell more than half of its total ticket volume online in the medium term. 2 Letter to the shareholders

7 MAXIMUM SERVICES FOR A PERFECT LIVE EXPERIENCE To promote customer loyalty, CTS EVENTIM today offers event visitors more than just admission tickets. Innovative services such as interactive seating plans with 360-degree all-round views allow online ticket buyers to choose the perfect seats by checking the view of the stage in advance. Services such as which lets customers print tickets at home from their own PCs, and the ability to save and display tickets directly on smartphones make buying tickets easy and convenient. In addition, CTS EVENTIM offers patented, specially designed FanTickets a special souvenir of major live experiences for most major events. Admission to venues is also a breeze today thanks to the modern EVENTIM systems, which use barcodes, RFID chips and smartphones. Our online services are also available for mobile devices. We are constantly at work improving and updating the reliable and easy-to-use EVENTIM apps for iphone and Android that are already installed on millions of devices. GROWING MARKET SHARE THANKS TO STRATEGIC ACQUISITIONS CTS EVENTIM continued expanding its leadership in the European ticketing market in 2014 through targeted acquisitions. We acquired and successfully integrated ticketing companies from the Stage Entertainment Group in Spain, the Netherlands and France as well as the ticketing distribution in Russia. The acquisition of a 50% stake in the legendary ice-skating show Holiday on Ice, one of the most famous entertainment brands in the world, allowed us to continue broadening our basis in Live Entertainment. Our Italian subsidiary TicketOne S.p.A., Milan, significantly expanded its position in football ticketing as well as its leadership in the Italian market by taking over its competitor Listicket (the ticketing business of G-Tech/Lottomatica). Letter to the shareholders 3

8 STRONG VENUES COMPLEMENT THE LIVE ENTERTAINMENT SEGMENT Our venues the Waldbühne in Berlin, the Lanxess Arena in Cologne and the Eventim Apollo theatre in London make us a major international provider today and we remain the market leader in Continental Europe as well as the thirdlargest provider worldwide in the Live Entertainment segment. We signed a new long-term lease agreement for the Waldbühne with the German state of Berlin and we will continue to add to the success story of Europe s leading open-air theatre in More than 200,000 people visited the Waldbühne in 2014, and viewers can expect a rich and varied program with numerous German and international highlights in One of the highlights of the past financial year at the Eventim Apollo theatre in London was the spectacular comeback of international star Kate Bush, who returned to the stage for the first time in 35 years. The international media coverage of the 22 concerts given by the 1980s icon, which sold out within minutes, raised the profile of the already legendary Eventim Apollo even further. The comparatively moderate revenue growth of 3.6% in the Live Entertainment segment was the result of additional revenue from the increase in the number of consolidated companies in Switzerland in 2013, whereas a lower volume of events due to the Football World Cup led to lower revenue. 4 Letter to the shareholders

9 SPORT TICKETING REMAINS ON THE PATH TO SUCCESS CTS EVENTIM remains a popular and valued ticketing partner in international sport. In early 2014, the Group had the opportunity to prove once again its technical and operational expertise by providing successful and smooth ticketing for the Winter Olympic Games in Sochi, Russia. Since September 2014, we are the exclusive ticket service provider for the XXXI Olympic Games in Rio de Janeiro, with around 9 million tickets. Rio 2016 is also a major step in CTS EVENTIM s entry into the key Latin American market. The Organising Committee of the 2017 IIHF Ice Hockey World Championship in Germany and France has also opted for CTS EVENTIM as its official ticketing partner. CTS EVENTIM currently cooperates with more than 100 clubs, associations and sports promoters, including a number of German National League football clubs that use our ticketing platforms. Outside of Germany, CTS EVENTIM is expanding in the Sport Ticketing segment in Italy through Listicket, which is specialised in the sports market. The diversity of our product range with over 200,000 sports, music and cultural events each year is unique in Europe. The quality and performance of our ticketing systems are in a class of their own worldwide. This excellent market position is mainly the product of our employees commitment and untiring dedication. We will continue this path in future and will keep working constantly on improving our services, with our customers needs to guide us at all times. This will remain the foundation on which our sustainable and profitable growth is built. Yours sincerely, Klaus-Peter Schulenberg Chief Executive Officer EVENTIM Management AG, general partner of CTS EVENTIM AG & Co. KGaA Letter to the shareholders 5

10 2. REPORT BY THE SUPERVISORY BOARD Edmund Hug Chairman REPORT BY THE SUPERVISORY BOARD OF CTS EVENTIM AG & CO. KGaA (HEREINAFTER: CTS KGaA) ON THE ANNUAL FINANCIAL STATEMENTS, THE CONSOLIDATED FINANCIAL STATEMENTS AND THE COM- BINED MANAGEMENT REPORT FOR THE COMPANY AND THE GROUP AS A WHOLE FOR THE FINANCIAL YEAR FROM 1 JANUARY 2014 TO 31 DECEMBER The legal form of the company was changed into a partnership limited by shares (KGaA) by resolution of the Annual Shareholders Meeting on 8 May This resolution to change the legal form took effect upon entry into the commercial register of the district court of Munich on 30 June In accordance with 203 sentence 1 German Transformation Act (UmwG), the members of the CTS EVENTIM AG Supervisory Board will remain in office for the rest of their elected terms as members of the Supervisory Board of CTS KGaA following the change in legal form. I. Mr. Edmund Hug (Oberstenfeld), Prof. Jobst W. Plog (Hamburg) and Dr. Bernd Kundrun (Hamburg) were the members of the Supervisory Board of the company during the reporting year. Throughout the year, Mr. Hug acted as Chairman and Prof. Plog as Vice-Chairman. No committees were formed. II. During the reporting year, the Supervisory Board fulfilled its responsibilities as required by law and the articles of association. It was regularly informed by the Management Board of the general partner of CTS KGaA, EVENTIM Management AG, Hamburg, Germany (hereinafter: corporate management), promptly and extensively, both in writing and verbally, about all issues relevant for corporate planning and strategic development, about the progress of business activities and about the situation of the Group, including risks and risk management. The Supervisory Board regularly provided corporate management with advice concerning the management of the company and monitored how the company and the Group were managed. It ensured that management of the company was lawfully conducted and was involved in all decisions of fundamental importance for the company. After thorough examination and consultation, the Supervisory Board submitted its opinion on corporate management s reports and resolutions to the extent required by law and by the provisions of the articles of association. The activities of the Supervisory Board during the reporting year also included close involvement in the change of the company s legal form into a partnership limited by shares and acquisitions made by the company as well as providing advice and giving its on consent for such measures whenever required to do so. Decisions were also made using the written procedure, whenever so required. The Supervisory Board was kept informed by corporate management not only at Supervisory Board meetings, but also outside of such meetings, such as in the case of transactions of special importance or urgency. In the reporting year, the Supervisory Board met on 25 March 2014 ( financial statements meeting ), 7 May 2014, 26 August 2014 and on 18 November Corporate management also took part in these meetings and had an opportunity to comment on transactions of importance for the company. On the basis of the submitted reports and other information, the Supervisory Board examined the general business development of the company and its subsidiaries and placed a special focus on the achievement of the budgeted key performance indicators for revenue and earnings as well as the development of cash flow and the main projects of the company and the Group. 6 Report by the Supervisory Board

11 III. At the company s Annual Shareholders Meeting held in Hamburg, Germany, on 8 May 2014, PricewaterhouseCoopers AG Wirtschaftsprüfungsgesellschaft, Osnabrück, Germany, was chosen to audit the annual financial statements as at 31 December 2014 and the consolidated financial statements as at 31 December The audit mandate was duly granted by the Chairman of the Supervisory Board Chairman on behalf of all Supervisory Board members. The 2014 annual financial statements, the 2014 consolidated financial statements, the combined management report and the respective audit reports were submitted by the general partner to the Supervisory Board in a timely manner and were examined by the Supervisory Board. At the Supervisory Board meeting on 24 March 2015, corporate management and the Supervisory board discussed in detail the annual financial statements and the consolidated financial statements for 2014, as well as the combined management report and the general partner s proposal for appropriation of profits. The Supervisory Board was able to confer with the auditor, who also attended the meeting. The annual financial statements were prepared by the general partner in compliance with the statutory regulations and were issued with unqualified audit opinions by the auditor. According to the conclusive findings of its examination, the Supervisory Board raises no objections to the annual financial statements prepared by corporate management and recommends that the Annual Shareholders Meeting approve the annual financial statements. The Supervisory Board also approves the consolidated financial statements prepared by the general partner for the 2014 financial year, to which no objections are raised. The Supervisory Board has reviewed and approved the general partner s proposal for appropriation of the balance sheet profit as it feels it appropriately takes into account the interests of the company and its shareholders. IV. The general partner has prepared a report on the relationships with affiliated companies for the financial year from 1 January to 31 December 2014 in accordance with 312 German Stock Corporation Act (AktG). The report states that, judging from the circumstances known at the time legal transactions requiring disclosure were conducted, the company received adequate consideration in each case and that measures requiring disclosure were neither effected nor waived at the behest or in the interest of affiliated companies within the meaning of 312 AktG in the 2014 financial year. Report by the Supervisory Board 7

12 The auditing firm provided the following unqualified audit opinion regarding the findings obtained during its audit of the report on dependencies: Having audited and assessed the report in accordance with professional standards, we confirm that (1) the disclosures of fact made in the report are true and correct, (2) the performance rendered by the company in connection with the legal transactions detailed in the report was not unreasonably high. The Supervisory Board has likewise examined the dependencies report and concurs with the audit findings. According to the conclusive findings of the Supervisory Board s examinations, no objections are raised against the final declaration by the general partner contained in said report. V. As part of the change of the company s legal form into a partnership limited by shares, all members of the former Management Board were appointed as members of the Management Board of the general partner, thereby ensuring the professional continuity of corporate management. VI. Conflicts of interest, as defined by the German Corporate Governance Code, did not arise in connection with the members of the Supervisory Board in the reporting year. On 26 August 2014, the Supervisory Board and the general partner issued their most recently updated joint declaration of compliance with the German Corporate Governance Code, in accordance with 161 AktG. This declaration was published on the company website at The Supervisory Board would like to thank the corporate management and all of the company s employees for their work in the 2014 financial year. 24 March 2015 Edmund Hug Chairman Prof. Jobst W. Plog Vice-Chairman Dr. Bernd Kundrun 8 Report by the Supervisory Board

13 Report by the Supervisory Board 9

14 3. CTS EVENTIM SHARES In the 2014 financial year, CTS EVENTIM shares outperformed the market by a considerable margin. The rise in market volatility from June 2014 induced by geopolitical risks caused the market trend to take on a negative slant in the third quarter, which resulted in the benchmark DAX index and the SDAX losing some 10% of their value by October 2014 compared to the start of the year. Although CTS EVENTIM shares were unable to completely escape this market trend, they still recorded positive performance until October Widespread recovery then set in from mid-october. The DAX index managed to recover from its absolute low in mid-october to generate positive full-year performance of 2.7%. The SDAX finished the year on a high, closing up 5.9% on the total development of Despite the fact that CTS EVENTIM shares were unable to completely dodge the market fluctuations, significant outperformance was once again recorded in the 2014 financial year compared to the DAX and SDAX indices. In the 2014 reporting period, CTS EVENTIM shares rose in value by 35.1%. This equates to outperformance against the DAX of 32.4% and against the SDAX of 29.2%. CTS EVENTIM shares proved once again to be a reliable investment, not least thanks to the strong annual performance in comparison with market indices and also their disproportionately low level of volatility compared to the benchmark indices. CTS EVENTIM shares support this reputation as a solid investment not simply with positive price development compared to the market as a whole year after year, but also through a consistent dividend policy. With a reliable distribution ratio of 50% of Group net income, CTS KGaA paid its shareholders a dividend for the eigth year in succession in the 2014 financial year. This means that over EUR 166 million has been paid out in the form of dividends since CTS EVENTIM shares repeatedly attract the attention of a variety of bank analysts on account of CTS KGaA s robust business model and its growth profile. Bankhaus Metzler, Berenberg, Commerzbank, DZ Bank and Exane BNP Paribas all recommend buying CTS EVENTIM shares, while Bankhaus Lampe, Deutsche Bank, JPMorgan, M.M. Warburg and NordLB recommend that their customers hold them. As in the past, CTS KGaA continues to place great value on intensive communication with its shareholders. For this reason, CTS KGaA is represented at a number of different national and international investor conferences, roadshows and individual meetings. Transparent communication with all shareholders is a fundamental component of the CTS KGaA policy, which will be retained moving forward in order to intensify the outstanding existing relationships to national and international shareholders alike. 10 CTS EVENTIM shares

16 4. CORPORATE GOVERNANCE REPORT OF CTS EVENTIM AG & CO. KGaA CTS EVENTIM AG & Co. KGaA has always complied with nationally and internationally accepted standards of good and responsible enterprise management. For us, Corporate Governance is a fundamental standard applying to all areas of the company. External directorships held by corporate management and Supervisory Board members are shown under section 7.13 and 7.14 in the notes to the consolidated financial statements. Related party disclosures are made under section 7.11 in the notes to the consolidated financial statements. The corporate management provides the following report on corporate governance within the company simultaneously on behalf of the Supervisory Board in accordance with item 3.10 of the German Corporate Governance Code (GCGC): 4.1 CORPORATE GOVERNANCE DECLARATION PURSUANT TO 161 AKTG The corporate management and Supervisory Board of CTS EVENTIM AG & Co. KGaA submitted the following declaration of compliance with the recommendations of the German Government Commission on the German Corporate Governance Code on 26 August 2014, in accordance with 161 German Stock Corporation Act (AktG): Since submitting the last declaration of compliance, CTS Eventim AG & Co. KGaA (formerly CTS EVENTIM AG) has complied, and complies currently and going forward, with the recommendations of the Government Commission on the German Corporate Governance Code (GCGC) in the version published on 10. June 2013 in the electronic Bundesanzeiger with the exception of the following recommendations: In compliance with the regulations governing the Prime Standard segment of the Frankfurt Stock Exchange, interim reports are published within 60 days after the end of each reporting period, since this makes it easier to ensure that reliable figures may also be obtained from the various unlisted group companies in Germany and abroad (GCGC 7.1.2). No Supervisory Board committees are formed because the Board consists of only three members. Given this situation, the company does not believe the formation of committees to be conducive to increasing the efficiency of the Supervisory Board s work (GCGC 5.3.1, and 5.3.3). For the same reason, the Supervisory Board continues to refrain from specifying concrete objectives regarding its composition (GCGC 5.4.1). No age limit has been specified by the Supervisory Board as yet for members of the Management Board because the company sees no cause for limiting the options available to the Supervisory Board and hence to shareholders when appointing members of the Management Board (GCGC 5.1.2). The D&O policies for the members of the Supervisory Board do not contain own-risk deductions, since such risk contributions appear to be neither required, nor appropriate, nor reasonable in view of the moderate amount of compensation paid (GCGC 3.8). Although the agenda of the Annual Shareholders Meeting and required Management Board reports (if any) may be published on the Internet in addition to the Annual Report, other documents pertaining to agenda items, such as contracts or annual financial statements, are not published in order to protect the company s confidential information. These documents are made available to company shareholders only, in accordance with statutory requirements (GCGC 2.3.1). In addition, CTS EVENTIM AG & Co. KGaA (hereinafter: CTS KGaA) already adheres in large measure to the additional GCGC suggestions regarding good corporate governance. 12 Corporate Governance Report

17 4.2 OWNERSHIP OF COMPANY SHARES OR FINANCIAL DERIVATIVES RELATING TO SUCH SHARES ON THE PART OF CORPORATE MANAGEMENT AND SUPERVISORY BOARD MEMBERS As at the closing date for the annual financial statements, 31 December 2014, members of the corporate management and Supervisory Board of CTS KGaA held the following quantities of no-par value bearer shares in the company (ISIN DE ): Number of shares [Qty. after increase in share capital] Share [in %] Members of the corporate management: Klaus-Peter Schulenberg (Chief Executive Officer) 48,194, Volker Bischoff Alexander Ruoff 8, Members of the Supervisory Board: Edmund Hug (Chairman) 19, Prof. Jobst W. Plog 3, Dr. Bernd Kundrun 14, CHANGES IN COMPANY SHARES OR FINANCIAL DERIVATIVES RELATING TO SUCH SHARES ON THE PART OF CORPORATE MANAGEMENT AND SUPERVISORY BOARD MEMBERS During the period under review, executive officers of CTS KGaA engaged in the following transactions involving no-par value bearer shares in the company (ISIN DE ): Name Position Transaction Date Number of shares (before increase in share capital) Prof. Jobst W. Plog Member of Supervisory Board Sale Edmund Hug Member of Supervisory Board Sale ,000 Prof. Jobst W. Plog Member of Supervisory Board Purchase Prof. Jobst W. Plog Member of Supervisory Board Purchase Prof. Jobst W. Plog Member of Supervisory Board Purchase Name Position Transaction Date Number of shares (after increase in share capital) Prof. Jobst W. Plog Member of Supervisory Board Purchase Edmund Hug Member of Supervisory Board Purchase ,440 Corporate Governance Report 13

18 4.4 NOTES TO THE CORPORATE MANAGEMENT COMPENSATION SYSTEM (PART OF COMBINED MANAGEMENT REPORT) The total amount of compensation paid to members of the corporate management is disclosed annually in the notes to the annual financial statements of the company, and amounted in the 2014 business year to EUR million. Compensation consists of fixed annual emoluments and a variable, performance-based payment. The agreed criteria for granting the variable component, and for the amount paid, are among others revenue and earnings key figures, which are provided with multi-year bonus and malus incentives. Clearly defined, auditable and relevant success criteria are applicable that are continuously monitored by the Supervisory Board. The members of the corporate management also receive payments in kind, specifically in the form of an appropriate company car. Stock options or similar components of compensation have not been contractually agreed and are not granted to the corporate management, so no disclosures in this regard need be made. There are no contractual commitments regarding payments when Board membership ends. The amounts of compensation paid to the individual members of the corporate management and which must be disclosed by law are shown in the following table. Compensation paid to corporate management: Klaus-Peter Schulenberg CEO Granted Benefits / Allocations* (Min) 2014 (Max) Fixed salary 2,000,000 2,000,000 2,000,000 2,000,000 Ancillary benefits 11,805 12,115 12,115 12,115 Total 2,011,805 2,012,115 2,012,115 2,012,115 One-year variable cash remuneration 500, , ,000 Multi-year variable cash remuneration 0 100, ,000 Total 500, , ,000 Service costs Total remuneration 2,511,805 2,512,115 2,012,115 2,512,115 Alexander Ruoff COO Granted Benefits / Allocations* (Min) 2014 (Max) Fixed salary 450, , , ,000 Ancillary benefits 17,939 18,093 18,093 18,093 Total 467, , , ,093 One-year variable cash remuneration 205, , ,000 Multi-year variable cash remuneration 0 51, ,000 Total 205, , ,000 Service costs Total remuneration 672, , , , Corporate Governance Report

19 Volker Bischoff CFO Granted Benefits / Allocations* (Min) 2014 (Max) Fixed salary 450, , , ,000 Ancillary benefits 20,461 20,180 20,180 20,180 Total 470, , , ,180 One-year variable cash remuneration 105, , ,000 Multi-year variable cash remuneration 0 31, ,000 Total 105, , ,000 Service costs Total remuneration 575, , , ,180 * The final variable renumerations which are to be paid out are fixed at the time of the preparation of the compensation report The compensation paid to members of the corporate management include EUR 910 thousand (previous year: EUR 810 thousand) in variable components and EUR million (previous year: EUR million) in fixed components. Ancillary benefits include, inter alia, company cars. 4.5 WORKING METHODS OF THE CORPORATE MANAGEMENT AND SUPERVISORY BOARD The corporate management and the Supervisory Board work closely together for the benefit of the company and are in regular contact. At CTS KGaA the Supervisory Board holds four ordinary meetings a year, at regular intervals. The corporate management keeps the Supervisory Board informed in good time of all relevant business developments, plans, potential risks and risk management. The activities of the corporate management and the Supervisory Board are specified in the standing orders. The standing orders of the corporate management provide guidance on the departmental responsibilities of its individual members and on the adoption of resolutions. The Chief Executive Officer exchanges information regularly with the Chairman of the Supervisory Board. The corporate management normally meets on a weekly basis. As a rule, its resolutions are adopted by simple majority. The allocation of responsibilities to the members of the Management Boards of the general partner involves three main positions: Chief Executive Officer (CEO), Chief Finance Officer (CFO) and Chief Operating Officer (COO). Corporate Governance Report 15

20 5. COMBINED MANAGEMENT REPORT 1. CHANGE IN LEGAL FORM At the Annual Shareholders Meeting held on 8 May 2014, the shareholders approved the change in legal form of CTS EVENTIM AG (hereinafter: CTS AG) to CTS EVENTIM AG & Co. KGaA (hereinafter: CTS KGaA) with the necessary majority. The change in legal form of CTS AG into a Kommanditgesellschaft auf Aktien (KGaA partnership limited by shares) does not result in the liquidation of the company nor the establishment of a new legal person, and the company retains its legal and financial identity. At CTS KGaA, the general partner is responsible for managing and representing the company. EVENTIM Management AG, Hamburg (hereinafter: EVENTIM Management AG), was appointed as the general partner and took over the management of CTS KGaA via its Management Board (hereinafter: corporate management). On 30 June 2014, the change in legal form was entered into the commercial register of the district court of Munich. The following factors speak in favour of the change in legal form: the establishment of a structural framework for independent access to the capital market through the separation of corporate governance and capital participation, the retention of good corporate governance standards, and the continuation of the growth course. The organisational structure and management systems are as follows after the change in legal form: Shareholders of the limited partnership Annual Shareholders Meeting Supervisory Board General partner: EVENTIM Management AG, Hamburg CTS EVENTIM AG & Co. KGaA, Munich The management of CTS KGaA is exercised by EVENTIM Management AG; the representation of EVENTIM Management AG continues to be performed by former CTS AG Management Board members. Previously incumbent members of the CTS AG Supervisory Board also form the first Supervisory Board of CTS KGaA in accordance with 203 sentence 1 German Transformation Act (UmwG). The change in legal form has no implications on the management system within CTS KGaA. As before, value-oriented corporate management of CTS KGaA is carried out on the basis of a system of financial indicators with underlying parameters such as revenue, EBITDA, normalised EBITDA, EBIT, normalised EBIT before amortisation from purchase price allocation and EPS. For more information on the change in legal form, please see page 88 of the notes to the consolidated financial statements. 16 Combined Management Report Change in legal form

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